Fed raises rates, maintains measured stance

The Federal Open Market Committee decided on Tuesday 9 August to raise its target for the federal funds rate by 25 basis points to 3-1/2 percent. The FOMC maintained its measured stance on monetary policy accommodation.

The Committee believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. Aggregate spending, despite high energy prices, appears to hav

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